Signature Aviation’s latest financial filing shows that it grew its 2021 sales to $2.29bn, up from $1.41bn the year before.

The company reported a $61.4m profit before tax in its full year accounts for the year ended 31st December 2021, up from a loss of $33.5m the previous year. Signature’s cash increased from $168m to $266.7m in the same period.

In June 2021 the company was taken private from the London Stock Exchange. Blackstone, Global Infrastructure Partners and Cascade paid $4.7bn the company.  The 2021 figures show they paid a multiple of 13x earnings or 15.7x 2020 profits.

Signature said changes in flying became more pronounced in 2021, with small and mid-sized aircraft recovering at a greater pace and accounting for a greater share of the market.

The US generated most of the company’s revenue. The company said that although it did not experience the usual pick-up in demand following Labour Day 2021, the overall market remained broadly at the levels expected. Signature anticipates continued recovery from the impact of the pandemic and said the business “continues to outperform” the market at the airports from which it operates.

The accounts highlighted that one of the longer-term risks it is preparing for is climate change but said the use of Sustainable Aviation Fuel (SAF) will help mitigate any potential regulation by governments in the short to medium term.

For the second year in a row, the directors did not recommend the payment of dividends, although directors did receive bonuses.

With expected continued improvement in flight activity, the company said it plans to grow its footprint through investing in its lease portfolio and real estate, underpinned by its “robust cash generation and strong balance sheet”.

In November last year, the company bought the Vail Valley Jet Center FBO at Eagle County Regional Airport (EGE) in Colorado for $325m, according to the accounts.